The Nifty which started on a positive note failed to hold on to gains and closed flat on Tuesday making a ‘Shooting Star’ kind of a pattern on the daily candlestick charts.

A ‘Shooting Star’ pattern is formed when the index comes under selling pressure at higher levels as traders start booking profits. India VIX declined marginally by 0.20% at 14.46. We require volatility to decline below 13-13.50 to extend its recent bounce back move.

The bulls look very much in control and the short coverings move could extend for a couple of more sessions. The next crucial levels which could act as stiff resistance for the bulls is 10,478 which is close to its 50-DEMA which is placed at 10,492.

According to Pivot charts, the key support level is placed at 10,376.87, followed by 10,326.93. If the index starts to move higher, key resistance levels to watch out are 10,477.67 and 10,528.53.

The Nifty Bank closed at 24,738.7 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,554.3, followed by 24,369.9. On the upside, key resistance levels are placed at 24,966.4, followed by 25,194.1.

The Nifty futures on the Singaporean stock exchange were trading lower by around 40.5 points at 10,388, a fall of around 0.39 percent. This indicates that the domestic market is likely to open on a negative note.

Moneycontrol.com has collated a list of trading ideas from top market experts which one can take cues for better returns:

Ashwani Gujral of ashwanigujral.com

Buy Ashok Leyland with a stop loss of Rs 146, target of Rs 158

Buy Titan Company with a stop loss of Rs 840, target of Rs 875

Buy Ceat with a stop loss of Rs 1585, target of Rs 1640

Sell ICICI Prudential Life Insurance with a stop loss of Rs 390, target of Rs 375

Sell Escorts with a stop loss of Rs 860, target of Rs 830

Mitessh Thakkar of miteshthacker.com

Sell Apollo Hospitals with a stop loss of Rs 1111 and target of Rs 1060

Buy Ceat around Rs 1590 with stop loss of Rs 1568 and target of Rs 1626

Buy NBCC around Rs 194-193.50 with stop loss of Rs 189.90 and target of Rs 205

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.